Paul Adams is sales director at Pepper Money
Much has been made of the impact that COVID-19 will have on the finances of younger generations, who will ultimately be paying off the vast amount of government borrowing created by the pandemic for decades to come. This is undoubtedly true, and the economic fallout will leave its mark on the workforce and the mortgage market for many years, presenting new considerations and opportunities for advisers. But what about borrowers at the opposite end of their careers?
A recent study by equity release adviser Key, which surveyed people who intended to retire in 2020 and 2021, found that one in three people are retiring in debt this year with an average of £20,650 to pay off. In addition, the study showed that people expecting to retire this year are facing debts around a fifth higher than those who finished work last year.
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